Senator Jim Webb (D-VA) has cosponsored bipartisan legislation to ensure the motorsports industry, which supports thousands of jobs across Virginia and the rest of the country, is able to continue to invest in and modernize its facilities. The Motorsports Fairness and Permanency Act, S.1174, would make permanent a tax provision that allows motorsports facilities to depreciate aging property. With a permanent depreciation provision, motorsports facilities can make long-term planning and investment decisions for facility improvements, maximizing both their economic impact and job creation.
"NASCAR and the motorsports industry have a significant economic presence in the Commonwealth," said Senator Webb. "Richmond International Raceway and Martinsville Speedway alone generate more than $637 million for the economy each year. By making this long-standing tax provision permanent, we can promote investment in an industry that supports more than 10,500 jobs at 28 motorsports facilities in Virginia."
The depreciation provision, which has been previously renewed by Congress, lapsed at the end of 2011. The National Motorsports Coalition, which represents many of the sanctioning bodies in motor racing, including NASCAR, Grand Am, the Indy Racing League and the United States Auto Club, endorses the legislation.